CHICAGO, May 3, 2024
/PRNewswire/ -- Innovations like AI integration for customised
navigation, 3D mapping for immersive experiences, and indoor
mapping for improved location-based services will influence the
Digital Map Market in the future. More innovation will be spurred
by the integration of smart cities, enhanced user interfaces, and
an emphasis on environmental sustainability. As a result, digital
maps will become essential to many industries and worldwide
connectivity.
The Digital Map Market is expected to grow from
USD 28.3 billion in 2024 to
USD 47.8 billion by 2029 at a
Compound Annual Growth Rate (CAGR) of 11.1% during the forecast
period, according to a new report by MarketsandMarkets™. A digital
map visually represents spatial information, including streets,
landmarks, topography, transportation networks, points of interest,
and more. To create detailed and interactive representations of the
physical world, utilize various data sources and technologies,
including satellite imagery, aerial photography, geographic
information systems (GIS), and crowdsourced data.
Browse in-depth TOC on "Digital Map Market"
324 – Tables
62 - Figures
314 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market Size Available
For Years
|
2019–2029
|
Base Year
Considered
|
2023
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Segments
Covered
|
Offering, Mapping Type,
Purpose, Scale, Application, and Vertical
|
Regions
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
Covered
|
Google (US), Apple
(US), TomTom (Netherlands), NearMap (Australia), Esri (US), INRIX
(US), HERE Technologies (Netherlands), LightBox (US), ServiceNow
(US), Inpixon (US), Microsoft (US), Maxar Technologies (US), Emapa
(Poland), Dabeeo (South Korea), Caliper (US), MapmyIndia (India),
GeoVerra (Canada), Orbital Insight (US), DigiMap (US), MapQuest
(US), IndoorAtlas (Finland), Mapsted (Canada), Mapidea (Portugal),
Geocento (UK), Geospin (Germany), Jawg Maps (France), and Barikoi
(Bangladesh)
|
By application, the routing and navigation data segment will
hold the largest market size during the forecast period.
Routing and navigation data in digital maps are critical for
providing accurate and efficient directions to users. Road networks
are detailed information about roads, streets, highways, and other
pathways, including their geometry, connectivity, speed limits, and
classifications. Turn restrictions include legal or physical
limitations on turning movements at intersections, such as
no-left-turn or no-right-turn restrictions. Elevation data is the
information about changes in terrain elevation, such as hills,
mountains, valleys, and slopes. Elevation data is essential for
route planning, especially for hiking, biking, and driving in
mountainous regions. Transit information is the data on public
transportation services, including bus routes, train lines, subway
systems, schedules, stops, and fares. Transit information lets
users plan multi-modal journeys and includes details like service
frequencies, departure times, and transfer points.
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By region, the Asia Pacific
will grow at the highest growth rates during the forecast
period.
The digital maps market in the Asia
Pacific region is propelled by technological advancements,
notably the widespread adoption of smartphones and the increasing
popularity of location-based services. Navigation and mapping
applications play a pivotal role in this growth trajectory. Factors
such as the rising demand for location-based services, the rapid
expansion of e-commerce and on-demand delivery services, and
increasing smartphone penetration contribute to the robust market
growth. Despite data privacy concerns and internet connectivity
issues in remote areas, the demand for real-time and dynamic
mapping solutions is expected to fuel further market expansion.
Major players in the region include Apple, Inpixon, and INRIX. With
the rapid urbanization and infrastructure development in countries
like China and India, there's a growing demand for accurate
and up-to-date digital maps for urban planning and logistics
optimization. Mobile navigation applications are gaining popularity
in densely populated cities, driving the growth of the Digital Map
Market in the region. Governments in the Asia-Pacific region are investing in
geographic information systems (GIS) for better urban planning,
disaster management, environmental conservation, and public service
delivery.
Top Key Companies in Digital Map Market:
Some of the key players operating in the Digital Map Market are
– Google (US), Apple (US), TomTom (Netherlands), Esri (US), Here Technologies
(Netherlands), Nearmap
(Australia), Inrix (US), Lightbox
(US), ServiceNow (US), Inpixon (US), Microsoft (US), and Maxar
Technologies (US).
Recent Developments:
- With the latest upgrades, Google Maps offers an enriched user
experience through AI-powered functionalities; this includes Lens
in Maps for improved location comprehension, upgraded map visuals
for enhanced navigation accuracy, and expanded electric vehicle
charging information. Additionally, Immersive View for routes
offers comprehensive previews, while advanced search delivers
photo-centric results and themed recommendations. These
advancements signify a new era in navigation, blending cutting-edge
technology with user-centric design.
- Esri introduced Landsat Explorer, an online app offering easy
access and analysis of Landsat multispectral imagery. It will
provide decision-makers with intuitive tools to explore land
changes over time, aiding in natural resource management and
environmental monitoring.
- Here Technologies and Targa Telematics collaborated to
integrate HERE Platform APIs, enhancing fleet management solutions.
This partnership aimed to provide real-time insights, optimize
operations, and promote sustainable mobility practices, empowering
fleet managers with valuable tools for informed decision-making and
improved driver safety.
- Nearmap acquired Betterview, a top property intelligence and
risk management platform in the insurance industry. This strategic
move aimed to bolster Nearmap's offerings for insurance customers
by integrating Betterview's AI solutions into its technology stack,
enhancing visualization capabilities, and improving underwriting
processes.
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Digital Map Market Advantages:
- Users can view digital maps at any time and from any location
using a variety of devices, including computers, tablets, and
smartphones.
- Digital maps, as opposed to traditional paper maps, can be
updated instantly to show the most recent modifications to roads,
landmarks, and points of interest. This guarantees that the
information given to users is as accurate as possible.
- Users of digital maps can move between locations more
effectively by using the thorough navigation and directions that
are provided. Delivery services, commuters, and travellers will
find this especially helpful.
- Digital maps can be altered by users to suit their requirements
and tastes. Users have the option to save their favourite
locations, choose from a variety of views (such as street view and
satellite view), and overlay extra information (such as traffic
patterns and public transportation routes).
- Weather predictions, restaurant ratings, and ride-sharing apps
are just a few of the services and apps that may be connected with
digital maps. This integration adds features and improves the user
experience.
- Digital maps can be used by companies and organisations for
geospatial analysis, including urban planning, site selection, and
market research. These maps offer insightful information on
regional trends and patterns.
- Digital maps are essential for emergency response because they
give emergency services precise location data, which makes their
arrival at the scene quicker and more effective.
- Large geographic areas, especially isolated and rural places,
are covered by digital maps, giving users access to data about
almost anyplace on Earth.
Report Objectives
- To define, describe, and forecast the Digital Map Market based
on offerings, solutions, services, mapping type, scale, purpose,
application, vertical, and region
- To provide detailed information about the major factors
(drivers, opportunities, restraints, and challenges) influencing
the growth of the market
- To analyze the opportunities in the market for stakeholders by
identifying the high-growth segments of the market
- To forecast the market size concerning five central
regions—North America, Europe,
Asia Pacific, the Middle East & Africa, and Latin
America
- To analyze the subsegments of the market for individual growth
trends, prospects, and contributions to the overall market
- To profile the key players of the market and comprehensively
analyze their market size and core competencies
- To track and analyze the competitive developments, such as
product enhancements, product launches, acquisitions, partnerships,
and collaborations, in the Digital Map Market globally.
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